Consensus among Asian asset managers for Bitcoin ETF in Hong Kong
The excitement over a Bitcoin ETF is spreading beyond the United States, as regulators in Hong Kong are showing interest in the product and local firms are vying to be the first movers in the market.
Value Partners Group and Venture Smart Financial Holdings (VSFG), two asset managers based in Hong Kong, have signed a memorandum of understanding to collaborate on offering traditional investment vehicles backed by digital assets to retail and institutional investors in the local market.
Both firms are particularly interested in introducing ETFs that track the price of Bitcoin, according to a statement from the companies. They are hoping to take advantage of Hong Kong’s crypto-friendly regulatory environment and leverage their combined decades of experience to provide transparent and liquid access to Bitcoin as an asset class.
Additionally, Value Partners and VSFG aim to seize the opportunity for early entry into what Lawrence Chu, Chairman at VSFG, describes as a rapidly evolving financial landscape in Hong Kong and globally for virtual assets.
However, Value Partners and VSFG may face competition as Hong Kong is reportedly planning to launch spot Bitcoin ETFs by the middle of this year. Gary Tiu, Chief Executive and Head of Regulatory Affairs at OSL, has stated that the government is working towards enabling these products to be listed on local exchanges.
Hong Kong lawmakers have already expressed their desire for the quick adoption of spot Bitcoin ETFs, following their approval in the United States by the Securities and Exchange Commission (SEC). Within just two weeks of their launch, billions of dollars have flowed in and out of America’s first batch of spot Bitcoin ETFs.
According to HashKey, nearly 10 hedge funds have indicated their readiness to launch crypto spot ETFs, while Hong Kong’s securities regulator has hinted at allowing local investors to participate.
In the race for billion-dollar spot Bitcoin ETFs, BlackRock and Fidelity are leading the way.
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